Trident Capital Management LLC

Trident Systematic Global Macro Program *QEP*


Monthly Performance (%)

Date Range: 12/18 - 08/20
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2020 0.60 -1.20 10.30 -2.00 -0.20 1.10 4.60 6.10   20.31 
2019 0.90 2.30 3.20 3.30 -3.20 8.90 0.40 2.10 -5.30 -0.80 1.70 2.50  16.44 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Strategy Description

Trident Capital Management LLC (“Trident”, “TCM”, or “Trident Capital”) is a systematic, diversified, global macro strategy that provides exposure to fixed income, equities, foreign exchange, and commodities through managed futures. Combined with proprietary Models created for the post-2008 trading era, Trident features two unique models: the Vega and RR models, which use proprietary measures of market volatility and risk appetite to add stability and consistency to Trident’s portfolio. These models are meant to be especially valuable in times of crisis by either being “short” equity or “long” fixed income, or both.

Performance Statistics

Date Range: 12/18 - 08/20
  Program S&P 500 Coquest 40 
Total Return 40.09% 31.29% 6.04% 
Annualized Return 22.42% 16.83% 3.41% 
Annualized Std. Deviation 12.69% 20.70% 6.77% 
Correlation -0.02 0.42 
Sharpe Ratio (rf=2.5%) 1.57 0.69 0.13 
Worst Month -5.30% -12.35% -2.77% 
Date of Worst Month 09/2019 03/2020 09/2019 
Worst Drawdown -6.06% -19.60% -7.01% 
Date of Worst Drawdown 8/19 - 10/19 12/19 - 3/20 8/19 - 6/20 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 12/18 - 08/20
Year or YTD Program S&P 500 Coquest 40 
2020 20.31 9.75 -1.80 
2019 16.44 31.50 7.53 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 12/18 - 08/20
Date: 8/31/2020
Perf: $1,055.95 Date: 7/31/2020
Perf: $1,068.02 Date: 6/30/2020
Perf: $1,048.00 Date: 5/31/2020
Perf: $1,061.59 Date: 4/30/2020
Perf: $1,074.16 Date: 3/31/2020
Perf: $1,070.62 Date: 2/29/2020
Perf: $1,069.98 Date: 1/31/2020
Perf: $1,086.17 Date: 12/31/2019
Perf: $1,075.31 Date: 11/30/2019
Perf: $1,082.01 Date: 10/31/2019
Perf: $1,071.51 Date: 9/30/2019
Perf: $1,095.73 Date: 8/31/2019
Perf: $1,126.95 Date: 7/31/2019
Perf: $1,087.58 Date: 6/30/2019
Perf: $1,051.71 Date: 5/31/2019
Perf: $1,031.09 Date: 4/30/2019
Perf: $1,051.70 Date: 3/31/2019
Perf: $1,023.56 Date: 2/28/2019
Perf: $988.08 Date: 1/31/2019
Perf: $981.80 Date: 12/31/2018
Perf: $1,000.00 Date: 8/31/2020
Perf: $1,443.23 Date: 7/31/2020
Perf: $1,346.43 Date: 6/30/2020
Perf: $1,274.54 Date: 5/31/2020
Perf: $1,249.67 Date: 4/30/2020
Perf: $1,192.89 Date: 3/31/2020
Perf: $1,057.34 Date: 2/29/2020
Perf: $1,206.32 Date: 1/31/2020
Perf: $1,314.51 Date: 12/31/2019
Perf: $1,315.03 Date: 11/30/2019
Perf: $1,276.48 Date: 10/31/2019
Perf: $1,231.77 Date: 9/30/2019
Perf: $1,205.61 Date: 8/31/2019
Perf: $1,183.48 Date: 7/31/2019
Perf: $1,202.48 Date: 6/30/2019
Perf: $1,185.41 Date: 5/31/2019
Perf: $1,107.34 Date: 4/30/2019
Perf: $1,182.42 Date: 3/31/2019
Perf: $1,136.40 Date: 2/28/2019
Perf: $1,114.77 Date: 1/31/2019
Perf: $1,080.10 Date: 12/31/2018
Perf: $1,000.00 Date: 8/31/2020
Perf: $1,400.88 Date: 7/31/2020
Perf: $1,320.34 Date: 6/30/2020
Perf: $1,262.28 Date: 5/31/2020
Perf: $1,248.54 Date: 4/30/2020
Perf: $1,251.04 Date: 3/31/2020
Perf: $1,276.58 Date: 2/29/2020
Perf: $1,157.37 Date: 1/31/2020
Perf: $1,171.42 Date: 12/31/2019
Perf: $1,164.44 Date: 11/30/2019
Perf: $1,136.04 Date: 10/31/2019
Perf: $1,117.05 Date: 9/30/2019
Perf: $1,126.05 Date: 8/31/2019
Perf: $1,189.08 Date: 7/31/2019
Perf: $1,164.62 Date: 6/30/2019
Perf: $1,159.98 Date: 5/31/2019
Perf: $1,065.18 Date: 4/30/2019
Perf: $1,100.39 Date: 3/31/2019
Perf: $1,065.24 Date: 2/28/2019
Perf: $1,032.21 Date: 1/31/2019
Perf: $1,009.00 Date: 12/31/2018
Perf: $1,000.00

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Monthly Returns

Date Range: 12/18 - 08/20
Date: 8/31/2020
Return: 6.10 % Date: 7/31/2020
Return: 4.60 % Date: 6/30/2020
Return: 1.10 % Date: 5/31/2020
Return: -0.20 % Date: 4/30/2020
Return: -2.00 % Date: 3/31/2020
Return: 10.30 % Date: 2/29/2020
Return: -1.20 % Date: 1/31/2020
Return: 0.60 % Date: 12/31/2019
Return: 2.50 % Date: 11/30/2019
Return: 1.70 % Date: 10/31/2019
Return: -0.80 % Date: 9/30/2019
Return: -5.30 % Date: 8/31/2019
Return: 2.10 % Date: 7/31/2019
Return: 0.40 % Date: 6/30/2019
Return: 8.90 % Date: 5/31/2019
Return: -3.20 % Date: 4/30/2019
Return: 3.30 % Date: 3/31/2019
Return: 3.20 % Date: 2/28/2019
Return: 2.30 % Date: 1/31/2019
Return: 0.90 % Date: 12/31/2018
Return: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 12/18 - 08/20
Return: 6.00 %
Count: 1 Return: 5.00 %
Count: 1 Return: -2.00 %
Count: 1 Return: 10.00 %
Count: 1 Return: -1.00 %
Count: 2 Return: -5.00 %
Count: 1 Return: 9.00 %
Count: 1 Return: -3.00 %
Count: 1 Return: 3.00 %
Count: 2 Return: 2.00 %
Count: 4 Return: 1.00 %
Count: 3 Return: 0.00 %
Count: 3

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Underwater Curve

Date Range: 12/18 - 08/20
Date: 8/31/2020
Drawdown: 0.00 % Date: 7/31/2020
Drawdown: 0.00 % Date: 6/30/2020
Drawdown: -1.12 % Date: 5/31/2020
Drawdown: -2.20 % Date: 4/30/2020
Drawdown: -2.00 % Date: 3/31/2020
Drawdown: 0.00 % Date: 2/29/2020
Drawdown: -2.67 % Date: 1/31/2020
Drawdown: -1.48 % Date: 12/31/2019
Drawdown: -2.07 % Date: 11/30/2019
Drawdown: -4.46 % Date: 10/31/2019
Drawdown: -6.06 % Date: 9/30/2019
Drawdown: -5.30 % Date: 8/31/2019
Drawdown: 0.00 % Date: 7/31/2019
Drawdown: 0.00 % Date: 6/30/2019
Drawdown: 0.00 % Date: 5/31/2019
Drawdown: -3.20 % Date: 4/30/2019
Drawdown: 0.00 % Date: 3/31/2019
Drawdown: 0.00 % Date: 2/28/2019
Drawdown: 0.00 % Date: 1/31/2019
Drawdown: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Manager Information

Manager Name:  Trident Capital Management LLC
Address: 190 S. LaSalle St
City: Chicago
State: IL
Zip: 60603
Country: US

Key People

Name:  Jay Feuerstein
Position:  Chief Executive Officer
Biography: 

Jay Feuerstein is the Founder & CEO of Trident Capital Management LLC (“TCM”), and Founder and Partner of DFG Holdings LLC the parent company of TCM. Mr. Feuerstein has over 30 years of experience in managed futures. Most notably as the Founder and CEO of Xenon Capital Management which was seeded by Goldman Sachs Asset Management (GSAM) in 2001 and grew to approximately $1 billion in AUM. Ultimately, Xenon became a part of Manning & Napier in 2014, and Mr. Feuerstein was Head of Alternative Investments for the $54 billion asset management unit while managing a portfolio of $1 billion in managed futures. From 1987 to 2001, while at Drexel Burnham Lambert, Lehman Brothers and Bear Stearns, Jay traded landmark positions in complex portfolio engineering, managed futures arbitrage, risk management, and hedging trades. Feuerstein was named Futures Magazine Top Trader in 2008 (+43% FY 2008), was a Hedge Fund Magazine Pinnacle Awards finalist four times, and won the performance award from IAIR Magazine as the top U.S. Managed Futures strategy for 2011 and 2012. Mr. Feuerstein earned his MBA in finance from the University of Chicago and his B.S. from the University of Illinois.


Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Interest Rates Yes 
 Currencies Yes 
 Metals Yes 
 Energies Yes 
 Investment Methodology
 Trend Following Yes 
 Systematic Yes 
 Diversified Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 Global Yes 
 Holding Period
 Long Term Yes 
 Medium Term Yes 
 Short Term Yes 
 Investment Terms & Information
 Managed Account Minimum: $1,000,000 
 Margin / Equity Ratio: 8% 
 Managed Account Availability: Open 
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